A report published on 23 March by the UK Government and Marsh, one of the UK’s leading insurance brokers and risk advisors, announced a new initiative between government and the insurance sector to help firms get to grips with cyber risk;
Surveys suggest that despite the growing concern among UK companies about the threat of cyber-attacks, less than 10% of UK companies have cyber insurance protection even though 52% of CEOs believe that their companies have some form of coverage in place. These statistics are important as during 2014, 81% of large UK businesses and 60% of small companies suffered a cyber security breach.
Francis Maude, Minister for the Cabinet Office and Paymaster General said:
“Insurance is not a substitute for good cyber security but is an important addition to a company’s overall risk management. Insurers can help guide and incentivise significant improvements in cyber security practice across industry by asking the right questions of their customers on how they handle cyber threats.”
The report highlights the exposure of firms to cyber attacks. To mitigate these risks, participating insurers will include the government’s Cyber Essentials certification as part of their risk assessment for small and medium businesses.
CIS provides specific insurance coverage and cyber risk management tools to assist business to manage newly emerging risks. Contact us to discuss our cyber risk assessment programmes.